Rivers State Rolls Out IPSAS, Modern Revenue Codes
Sole Administrator Ibas says the reform ends revenue leakages, widens the tax net and opens access to international funding.
The Rivers State Government has launched the International Public Sector Accounting Standards (IPSAS) and new revenue codes to improve transparency and financial management. The initiative was introduced at an official event in Port Harcourt.
Vice Admiral Ibok-Ete Ibas (rtd), the state’s Sole Administrator, said the previous system allowed revenue leakages and inconsistencies. He said the reform will make all financial transactions traceable, auditable, and aligned with international benchmarks.
The updated system is expected to increase Internally Generated Revenue (IGR) and expand the tax net. The Rivers State Internal Revenue Service said the changes also position the state to access international funds and grants from institutions such as the World Bank and United Nations.
Stakeholders at the event said the reform opens the door for stronger investment inflows in sectors like agriculture, commerce, and technology. The government said the new framework ensures better use of resources for public services and infrastructure.
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